The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1887-12-07

trade. LQcI6 S06Lu6 W Ue ECdSOu IOI tuC |
claim that all legitimate means should |
be devised by the government to re-
store in emergency without waste Or |
such money to its place |
among the people.
If such an emergency arises, there
now exists no clear and undoubted
executive power of relief. Heretofore
the redemption of the per cents only
which were payable at the option OF
the government has afforded means
for the disbursement of the excess OF
our revenues, but these bonds nave al
been retired, and there are no eonds
outstanding the payments OF which we
have the right to insist on. The con-
tribution to the
SINKING FUND
which furnishes the occasion for ex-
penditures in the purchase OF BONDS,
has been already made for the current
year, so there is no outlet in that dl-
rectien. In the present state OF legls-
lation, the only pretense OF any execu-
tive power to restore at this time any
part of our surplus revenues to the
people by it's expenditure, consists In
the supposition that the Secretary of
the Treasury may enter them and pur-
chase the bonds of the government not
yet due at rate of premium to be
agreed upon. The only provision of
the law from which such q power
could be derived is found in an appro-
priation bill passed number of years
ago and it is subject to the superstition
that it was intended as temporary
measure and limited in its application,
instead of comforting
CONTINUING DISCRETION
and authority. No condition ought to
exist which would justify the grant of
power to a single official upon his
Judgment of its necessity to withhold
from or.release to the business OF the
people in an unusual way money held
in the treasury and thus affect, at his
will, the financial situation OF the
country; and if it is deemed wise
to lodge in the Secretary of the Treas
ury the authority ia the present juno
ture to purchase bonds, it should be
plainly vested and provided as far as
possible with such checks and limita-
lions as will define his official right
and discretion and at the same time
relieve him from undue responsibility
in considering the question OF pur-
chasing bonds as means OF restoring
to circulation the surplus money &C
cumulating in the treasury. 1t should
be borne in mind that premiums must
of course be paid upon
SUCH PURCHASE,
that there may be a large part of these
bonds held as investments which can
not be purchased at any price, and
that combinations among holders that
are willing to sell may unreasonably
enhance the cost of such bonds to the
government. It has been suggested
that the present bonded debt might be
refunded at less rate of interest and
the difference between the old and
new securities paid in cash, thus find
ing use for the surplus in the treas
ury. The success of this plan, it is
apparent, must be founded upon the
YOIition of the holders Iof the present
bonds, and 1t is not entirely cer1ain
that the inducement which must be
offered them would result ia more
financial benefit 20 the government
than the purchase of bonds, while the
latter proposition would
REDUCE THE PRINCIPAL
of the debt by actual payment instead
of extending it. The proposition to
deposit the money held by the govern
ment in the banks throughout the
country for the use of the people, is, it
seems to me, an exceedingly objec-
tionable principle, as reaching too
close a relationship between the Cper-
ations of the government and the bust
ness of the country, and too extensive
a comningling of their money, thus fos-
tertng an unnatural reliance in private
business upon public funds. If this
scheme should be adopted, it should
only be done as temporary expedient
to meet an urgent necessity. LegiSl&-
tive and executive effort should gen.
orally be in the opposite direction and
should have tendency to divorce as
much and as fast as can safely be
done, the Treasury Department
PRIVATE ENTERPRISES.
Of course it is not expected that I'M
necessary and eXtravagant operations
will be made for the purpose of avoid
ing the accumulation of an excess of
revenue. Such expenditure, beside
che demoraliZa ion of all Just concep-
tions of public duty which it entails,
emulates a reckless imprOvidence not
in the least consistent with the mis-
sion Of our people o. the high or ben
eficent purposes nf our government.
l have deemed il my duty thus to
bring the knowledge OF nay country
men as well u, ~ tAo attention OF their
Representatives, TO The responsibility
of legislative reliaf for the gravity of
our financial situation. The failure of
Congress heretofore to provide against
THE DANGERS
which it was quite evident tie very
nature of the difficulty must necessa-
riIy spreduce, caused condition of
financial distress and apprehension
since their last adjournment, which
taxed to the utmost all the authority
and ,expedients within executive COR
troll, and these appear now to be ex-
kauste6. If disaster results from the
continued inaction of Congress, the
responsibility must rest where it be-
longs. Though the situation thus far
considered is fraught with danger
which should be fully realized, and
though it presents features of wrong
to the people as well as to the country,
is but result growing out OF palp-
able and apparent cause constantly re
producing the same alarming circum-
stances, a
contested NATIONAL TREASURY